Includes value of certain properties exempt from taxation in valuation used to calculate State school aid in SDA districts.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes how New Jersey calculates state school aid for certain districts, known as SDA districts. Currently, the value of properties exempt from local taxes – like those receiving the Long Term Tax Exemption – is not included when determining a district’s financial capacity for aid calculations. This legislation amends the state’s funding formula to incorporate the value of these exempt properties, potentially increasing state aid to districts with significant amounts of tax-exempt land.
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